23rd Mar 2023 16:49
(Alliance News) - UK Oil & Gas PLC on Thursday said a new competent persons report has been completed at its 10% owned Horndean field, by Texas-based DeGolyer & MacNaughton consultancy.
The London-based oil and gas exploration and production company said the report indicates that UKOG's 10% interest constituted 179,300 barrels of oil at December 31.
UKOG said the interest is made up of 99,500 barrels of proven and probable reserves, as well as 79,800 barrels of 2C Contingent resources, or resources which could potentially be recovered but are not considered currently commercially recoverable.
In 2022, UKOG earned GBP287,000 in production revenue, with an average production of 101 barrels of oil per day, the company noted.
Chief Executive Officer Stephen Sanderson said: "Although UKOG has a modest interest in Horndean, the CPR amply demonstrates that it continues to provide valuable earnings for the company. We concur with the operator that the new pump upgrade should improve production rates, lower operating costs and, if oil prices remain around their current levels, potentially make Horndean more profitable than in 2022."
UKOG shares fell 0.5% to 0.06 pence each in London on Thursday afternoon.
By Harvey Dorset, Alliance News reporter
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